Industry

98% of bank rejections on Fogape loans went to MSMEs

According to a study prepared by the National Convergence of SMEs and Cooperatives of Chile with Defensadeudores and the University of Playa Ancha, the response of the banks to the new financing line of the Guarantee Fund for Small Business Owners (Fogape) reaches a 98% rejection to micro, small and medium businesses. This is in contrast of what the CMF statistics show that only 6% of the 148,909 applications made under the Fogape COVID-19 program, have been rejected.

Source: El Periodista